Brent crude futures steadied near $82 per barrel on Monday after a strong rally last week, as supplies returned in Libya and Kazakhstan. Libyan production rose to 900,000 barrels a day after maintenance in a major pipeline was completed, while some output was restored in Kazakhstan following unrest that interrupted supplies last week. Meanwhile, demand concerns resurfaced again after China began a city-wide testing campaign in the port city of Tianjin after 20 people tested positive as the country maintains its zero-tolerance approach to Covid. At the beginning of 2022, oil prices have pushed higher as optimism about global demand coupled with supply constraints. While OPEC+ agreed to boost output further, analysts suggest the group may not be able to deliver the planned amount in full.
Brent Crude oil is a major benchmark price for purchases of oil worldwide. While Brent Crude oil is sourced from the North Sea the oil production coming from Europe, Africa and the Middle East flowing West tends to be priced relative to this oil. The Brent prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.
